Frederick Innovative Technology Center Inc
- Assets
- $2.9m
- Revenue
- $1.6m
- Investments
- $0.0
- Employees
- 6
- Location
- Frederick, MD
- Founding
- 11/2006
- Data as of
- 06/2023
- EIN
- 20-1262262
Organization Overview
Frederick Innovative Technology Center Inc is located in Frederick, MD. The organization was established in 2006. According to its NTEE Classification (S30) the organization is classified as: Economic Development, under the broad grouping of Community Improvement & Capacity Building and related organizations. As of 06/2023, Frederick Innovative Technology Center Inc employed 6 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Frederick Innovative Technology Center Inc is a 501(c)(3) and as such, is described as a "Charitable or Religous organization or a private foundation" by the IRS.
For the year ending 06/2023, Frederick Innovative Technology Center Inc generated $1.6m in total revenue. This organization has experienced exceptional growth, as over the past 8 years, it has increased revenue by an average of 18.8% each year . All expenses for the organization totaled $1.1m during the year ending 06/2023. While expenses have increased by 13.6% per year over the past 8 years. They've been increasing with an increasing level of total revenue. You can explore the organizations financials more deeply in the financial statements section below.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2023
Describe the Organization's Mission:
Part 3 - Line 1
TO PROVIDE A NURTURING AND SUPPORTIVE ENVIRONMENT TO START-UP TECHNOLOGY-BASED BUSINESSES.
Describe the Organization's Program Activity:
Part 3 - Line 4a
PROVIDES FURNISHED OFFICES AND WET LABS EQUIPPED WITH HIGH-SPEED INTERNET, TELEPHONES, AND ADMINISTRATIVE SERVICES, SUPPORTING CLIENTS EMPLOYING NEARLY A HUNDRED PEOPLE AT ANY GIVEN TIME.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Kathie Callahan Brady President/ceo | OfficerTrustee | 57.65 | $157,115 |
Theresa Bethune Treasurer/secretary | OfficerTrustee | 1.06 | $0 |
John Nowell Vice Chairman | OfficerTrustee | 0.77 | $0 |
Richard Griffin Member | Trustee | 1.04 | $0 |
Jodie Bollinger Member | Trustee | 0.46 | $0 |
David Gurzick Member | Trustee | 0.19 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $957,686 |
| All other contributions, gifts, grants, and similar amounts not included above | $6,111 |
| Noncash contributions included in lines 1a–1f | $300 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $963,797 |
| Total Program Service Revenue | $675,011 |
| Investment income | $82 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $1,638,890 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $0 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $167,884 |
| Compensation of current officers, directors, key employees. | $58,759 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $189,720 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $46,614 |
| Payroll taxes | $31,952 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $14,785 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $125,645 |
| Advertising and promotion | $16,963 |
| Office expenses | $24,162 |
| Information technology | $720 |
| Royalties | $0 |
| Occupancy | $393,131 |
| Travel | $74 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $3,310 |
| Interest | $2,173 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $44,017 |
| Insurance | $7,165 |
| All other expenses | $3,690 |
| Total functional expenses | $1,103,012 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $658,561 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $73,714 |
| Accounts receivable, net | $48,635 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $0 |
| Net Land, buildings, and equipment | $1,094,594 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $1,032,848 |
| Total assets | $2,908,352 |
| Accounts payable and accrued expenses | $372,654 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $0 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $1,697,481 |
| Total liabilities | $2,070,135 |
| Net assets without donor restrictions | $838,217 |
| Net assets with donor restrictions | $0 |
| Capital stock or trust principal, or current funds | $0 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $0 |
| Total liabilities and net assets/fund balances | $2,908,352 |